A world of opportunity for potential franchisees opened Thursday, June 19 at New York’s Jacob K. Javits Convention Center and continues over the next three days.
That’s when the 23rd annual International Franchise Expo officially kicked off. Sponsored by the International Franchise Association and hosted and produced by MFV Expositions, the event has been taking place for 25 years and it’s the third consecutive year it’s being held in New York city. The expo looks to provide the platform for current and prospective entrepreneurs to connect with top franchise executives.
Tom Portesy, president and CEO of MFV expositions says the expo will be calling New York home for many years to come. He says hosting the event in the big apple has been a “game-changer.â€
“When we moved from Washington, DC to New York, three years ago, the show doesn’t resemble what it used to be. It just exploded. I think this year it may be the biggest franchise expo in the world.”
The expo is showcasing more than 400 franchise concepts and is expected to host more than 20,000 attendees from 50 states and 80 plus countries.
Some of them will get a chance to learn more about franchise industry with more than 70 seminars, breakout sessions, and
forums for prospective franchisees. After checking out the many booths, there are is a treasure trove of seminars to help interested attendees better run their potential franchise, learn about running businesses in diverse communities, and explore strategies for growth.RELATED: International Franchise Expo Coming to New York
Many of the others attending the event walked in ready to sign up.
Franchises showcase their brands at 23rd Annual International Franchise Expo in NYC. (Image: File)According to Portesy, “Most of the people walking through these doors have done their research. They’ve gone to the websites, searched through the different portals so they are down here now with a really good idea of what they want. From the 20,000 people coming here from all over a huge percentage of that is going to convert into franchise sales.â€
Franchising has been called “one of the fastest growing segments of the global economy.†It continues to experience extraordinary growth worldwide. Thousands of franchise companies offer proven, successful concepts. It caters to the entrepreneurial dreams of hundreds of thousands of prospective franchisees eager to get into business for themselves and not by themselves.
In the United States alone, more than 825,000 franchise establishments support nearly 18 million jobs and $2.1 trillion of economic output.
Many of the 4,000 people showing up from other countries to attend the event, interestingly, didn’t fly down to purchase a single unit.
According to MFV, “They’re coming to find a concept that they can take back home and develop, by buying what’s known as the master license rights. So they become the owner of the rights to that concept in their countries.â€
Though restaurants make up the bulk of the brands, a handful of technology franchisers are also showing up this year hoping to make a splash.
For those not interested in buying into a franchise, keep a close eye on brands at the expo that either stand out or have potential for possible stock plays.
The expo wraps on Saturday, June 21.